Zvi Griliches was a modern master of empirical economics. In this short book, he recounts what he and others have learned about the sources of economic growth. This book conveys the way he tackled research problems. For Griliches, economic theorizing without measurement is merely the fashioning of parables, but measurement without theory is blind. Judgment enables one to strike the right balance.
The book begins with economists' first attempts to measure productivity growth systematically in the 1930s. In the mid-1950s these efforts culminated in a startling puzzle. The growth of measured inputs like labor and capital explained only a fraction of the growth of national output. Economists called this phenomenon "efficiency" or "technical change" or "the residual." However, Griliches observes that the most accurate name was a "measure of our ignorance." What explained the rest of economic growth quickly became one of the most important questions in economics.
Over the next thirty years, Griliches and his colleagues and students looked for various components of the residual in education (the formation of human capital), investment (the formation of physical capital), and research and development. In 1973, after the oil price shocks, productivity growth slowed and the residual almost disappeared. Since the shocks were a short-term phenomenon, they could not account for the slowdown. A main focus of this book is therefore the puzzle of the productivity slowdown and how to date it and how to explain it.
Reality and Rhetoric is the culmination of P. T. Bauer’s observations and reflections on Third World economies over a period of thirty years. He critically examines the central issues of market versus centrally planned economies, industrial development, official direct and multinational resource transfers to the Third World, immigration policy in the Third World, and economic methodology. In addition, he has written a fascinating account of recent papal doctrine on income inequality and redistribution in the Third World. The major themes that emerge are the importance of non-economic variables, particularly people’s aptitudes and mores, to economic growth; the unfortunate results of some current methods of economics; the subtle but important effects of the exchange economy on development; and the politicization of economic life in the Third World.
As in Bauer’s previous writings, this book is marked by elegant prose, apt examples, a broad economic-historical perspective, and the masterful use of informal reasoning.
Macroeconomics is in disarray. No one approach is dominant, and an increasing divide between theory and empirics is evident.
This book presents both a critique of mainstream macroeconomics from a structuralist perspective and an exposition of modern structuralist approaches. The fundamental assumption of structuralism is that it is impossible to understand a macroeconomy without understanding its major institutions and distributive relationships across productive sectors and social groups.
Lance Taylor focuses his critique on mainstream monetarist, new classical, new Keynesian, and growth models. He examines them from a historical perspective, tracing monetarism from its eighteenth-century roots and comparing current monetarist and new classical models with those of the post-Wicksellian, pre-Keynesian generation of macroeconomists. He contrasts the new Keynesian vision with Keynes's General Theory, and analyzes contemporary growth theories against long traditions of thought about economic development and structural change.
Regional Plan Association, the nation's oldest regional planning organization, has worked since 1929 to improve the quality of life in the New York-New Jersey-Connecticut metropolitan area. The Association has crafted two long-term plans and successfully promoted their implementation through advocacy and coalition building.
The Association's Third Regional Plan describes a series of key initiatives aimed at not only improving quality of life, but also at increasing economic competitiveness, encouraging more sustainable patterns of growth, and expanding opportunities and choice in employment, housing, and community.
The Plan presents five major campaigns, each of which combines the goals of economic, equity, and environmental improvements. They are:
While focusing on the New York-New Jersey-Connecticut metropolitan area, the Plan's broad themes have universal applicability to regions throughout the industrialized world.
The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.
According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.
Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
Reading governmental reports, memos, and policies, Saldaña-Portillo traces the arc of development narratives from its beginnings in the 1944 Bretton Woods conference through its apex during Robert S. McNamara's reign at the World Bank (1968–1981). She compares these narratives with models of subjectivity and agency embedded in the autobiographical texts of three revolutionary icons of the 1960s and 1970s—those of Che Guevara, Guatemalan insurgent Mario Payeras, and Malcolm X—and the agricultural policy of the Sandinista National Liberation Front (FSLN). Saldaña-Portillo highlights a shared paradigm of a masculinist transformation of the individual requiring the "transcendence" of ethnic particularity for the good of the nation. While she argues that this model of progress often alienated the very communities targeted by the revolutionaries, she shows how contemporary insurgents such as Rigoberta Menchú, the Zapatista movement, and queer Aztlán have taken up the radicalism of their predecessors to retheorize revolutionary subjectivity for the twenty-first century.
As the rest of the world worries about what a future might look like under Chinese supremacy, Edward Luttwak worries about China’s own future prospects. Applying the logic of strategy for which he is well known, Luttwak argues that the most populous nation on Earth—and its second largest economy—may be headed for a fall.
For any country whose rising strength cannot go unnoticed, the universal logic of strategy allows only military or economic growth. But China is pursuing both goals simultaneously. Its military buildup and assertive foreign policy have already stirred up resistance among its neighbors, just three of whom—India, Japan, and Vietnam—together exceed China in population and wealth. Unless China’s leaders check their own ambitions, a host of countries, which are already forming tacit military coalitions, will start to impose economic restrictions as well.
Chinese leaders will find it difficult to choose between pursuing economic prosperity and increasing China’s military strength. Such a change would be hard to explain to public opinion. Moreover, Chinese leaders would have to end their reliance on ancient strategic texts such as Sun Tzu’s Art of War. While these guides might have helped in diplomatic and military conflicts within China itself, their tactics—such as deliberately provoking crises to force negotiations—turned China’s neighbors into foes. To avoid arousing the world’s enmity further, Luttwak advises, Chinese leaders would be wise to pursue a more sustainable course of economic growth combined with increasing military and diplomatic restraint.
The national trade union is the dominant institution in the American labor movement. In this book the author analyzes its emergence and development in the latter half of the nineteenth and early part of the twentieth centuries. It was during this period that the labor union as a nationwide organization achieved dominance over other labor institutions.
The author discusses first the historical factors affecting trade union development. The body of the book covers the various stages in the evolution of union membership, organization, and government. An integral part of these chapters is a comparison of the national union movement in America and in Great Britain. The book concludes with a presentation of the interrelationships of the unions, and with a discussion of their relations with employers.
Author P. J. O’Connell traces Robert Drew’s influence on cinema verite through extensive interviews with Drew and with some of the founding fathers of American cinema verite filmmaking—Donn Alan Pennebaker, Gregory Shuker, and Richard Leacock.
Robert Drew’s contributions to documentary film have been both technical and conceptual. Realizing that his equipment was too heavy and intrusive, Drew persuaded Time-Life Broadcasting to sponsor the development of new, lightweight, portable synchronous sound equipment that freed documentary filmmakers from the bulky, tripod-mounted, AC-powered equipment of the past. His new technology allowed him to capture intense moments as they happened, and to make viewers feel personally involved in the events he presented. While making more than twenty documentaries in the early 1960s, Drew continued to initiate innovations that were not thought possible a generation before him.
P. J. O’Connell is the executive producer of public affairs at Penn State Television and an affiliate assistant professor in the School of Communication at Penn State University.
Rural Development in the United States presents a comprehensive evaluation of the economic, environmental, and political implications of past rural development and a thorough consideration of the directions in which future development efforts should go. The authors have assembled the best of what is being thought and done with regard to rural development in the United States, and place it in a broad theoretical, historical, and geographical context. The book provides:
Rural Environmental Planning for Sustainable Communities offers an explanation of the concept of Rural Environmental Planning (REP) along with case studies that show how to apply REP to specific issues such as preserving agricultural lands, planning river and lake basins, and preserving historical sites.
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